The Realities of Entrepreneurship with Mike & Kass Lazerow

The James Altucher Show

A Note from James:

So, in 2006, I was starting this company called StockPicker. This random guy calls me out of the blue and says, "I want to be CEO of your company. I just sold Golf.com and now I'm figuring out what to do." So we meet for breakfast, and he gave me all these ideas that were great. I stole all of them, built up StockPicker, and sold it. This guy and his wife then started their own company, and eventually sold it for $800 million. We've been friends all along. Even though I rejected him and stole his ideas, I'm glad he did much better than if he had joined StockPicker. They decided to come on the podcast and share their secrets of entrepreneurship. So, here’s Michael and Kass Lazerow, two extraordinary entrepreneurs and friends.

Episode Description:

In this episode, James Altucher sits down with Michael and Kass Lazerow, the dynamic duo behind Buddy Media, a company they built and sold for $800 million. They share their journey from the early days of cold emailing and breakfast meetings to navigating the challenges of the great recession and pivoting their business model. This conversation goes beyond the usual success stories, diving into the reality of entrepreneurship, the sacrifices, the mistakes, and the mindset needed to thrive.

What You’ll Learn:

1. The Importance of Pivoting: How to know when it’s time to change your business model and the signs that indicate a pivot is necessary.
2. Building a Resilient Mindset: Insights on handling stress and maintaining a positive outlook during challenging times.
3. Networking and Fundraising: Effective strategies for building valuable relationships and securing investments.
4. Working with Your Spouse: The dynamics of being business partners with your spouse and how to make it work successfully.
5. Marketing and Scaling: Techniques for marketing your startup effectively and transitioning from custom solutions to scalable software.

Chapters:

• 00:01:30 - The Unexpected Call: Starting StockPicker
• 00:02:39 - Introducing Michael and Kass Lazerow
• 00:02:50 - The Shift to Social Media
• 00:03:25 - Buddy Media’s Early Days and Challenges
• 00:04:16 - Writing a Book: Shoveling Shit, A Love Story
• 00:05:07 - The Art of Pivoting in Business
• 00:07:53 - The Power of Partnership: Working as a Married Couple
• 00:11:27 - The Evolution of Buddy Media
• 00:16:15 - The Free Felt Business Idea
• 00:18:46 - Navigating Early Challenges and Fundraising
• 00:32:47 - Health Scares and Their Impact on Perspective
• 00:34:13 - The Reality of Entrepreneurship
• 00:40:22 - Balancing Personal Life and Business
• 00:50:31 - Networking and Building Relationships
• 00:56:28 - Writing the Book: Process and Insights
• 01:00:38 - Conclusion and Future Plans

Additional Resources:

• Buddy Media
• Gary Vaynerchuk
• Peter Thiel
• Mark Pincus
• Velvet Sea Ventures

These show notes capture the essence of the episode, providing listeners with clear insights and resources to further explore the topics discussed.

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